Avila Energy Corporation is pleased to report earnings per share of $0.06 as reported in its financial report for the three and nine months ended September 30, 2022 and provides a corporate update

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CALGARY, AB / ACCESSWIRE / November 21, 2022 / Avila Energy Corporation (“Avila” or the “Company” or “Avila Energy”), trading symbol “CSE:VIK.CN”is pleased to report its financial results for the three and nine months ended September 30, 2022 and provide its corporate update.

The currency used here is the Canadian dollar.

REVENUE:

Avila Energy Corporation’s year-over-year revenue for the nine months ended September 30 increased to $2,190,991 of $210,883; an augmentation of 1139%.

The Company’s focus on sustainable growth drove this earnings growth from $0.06 per share for the 3 months ended September 30, 2022, and $0.07 earnings per share for the nine months ended September 30, 2022.

The average price received for the Company’s oil, natural gas and liquids sales for the 9 months of 2022 was a combined price of $46.71/boe, based on an average price of $5.06 CDN/cfm for natural gas with oil and condensate sales averaging $101.89/boe.

EXPENSES:

Operating expenses for the nine months averaged $14.05/boe, resulting in net operating income (“NOI”) of $27.29/boe. In accordance with the Company’s orientation, operating expenses as of 3rd The quarter continues to decline to $10.47/BOE from $14.81/BOE in 2n/a Quarter, resulting in an NOI of $28.59/boe as of 3rd Trimester.

CORPORATE DIRECTION:

The Company’s continued focus on sustainable growth has resulted in mixed production and improved operating expenses (currently at $10.47/boe) towards its objective of less than $7.50/boe, which translates into net margins of 66.01%, year to date.

BUSINESS AND ASSET VALUATION:

As of September 30, 2022, the common shares of the Company were outstanding in number of 86,572,562, having a book value of $0.38 per share and an enterprise value of $0.52 per share.

“The NI 51-101 compliant valuation performed by the Company’s QRE (Deloitte LLP) was completed on August 18, 2022. This report valued the Company’s assets on a 10% basis Net present value (NPV 10%) at $209,841,500, or as of September 30, 2022, on a per share basis, $2.41 per sharebased on 86,983,586 base shares then outstanding,” said Leonard B. Van Betuw, President and Chief Executive Officer.

“Efforts to date continue to progress (as planned) with the closing of the current acquisition and the continued consolidation of its business in accordance with the NI 51-101 compliant assessment performed by the company’s QRE, Deloitte LLP on August 18, 2022,” said Chairman and Chief Executive Officer Leonard B. Van Betuw.

Additionally, our established asset base and land positions in Canada and the plans we have for their current and future unreserved potential are generating an air of excitement within the Company’s engineering and operations teams. . Our shareholders should look forward to participating in the realization of our past efforts and the fruits of the future efforts of our employees and contractors from 2023 to 2027,” said Chairman and Chief Executive Officer Leonard B. Van Betuw.

For more details, shareholders and other interested parties are invited to consult the Company’s financial results and the management report, available on the Company’s website at www.avilaenergy.com.

FUTURE GROWTH:

“The Company is extremely focused on integrating the assets held by the Company for future growth. Consistent with this, these reported results reflect the increase in earnings from September 1, 2022 (post closing of, and the consolidation of the acquisition of 100% of the assets in west-central Alberta), as recently approved by the shareholders of the company at a special meeting of the company held on August 31, 2022. The priority absolute of the company remains the increase in profits and, therefore, increase the value of the company for the future.” said Chairman and CEO Leonard B. Van Betuw.

Avila Energy’s financial position as of September 30, 2022 remains strong.

Avila Energy is focused on achieving our first goal of achieving consistent production of 6,000 boe/d; followed by incremental steps to increase production to 8,000 boe/d and then to 12,000 boe/d.

Continuous creation of shareholder value is the foundation of the business that Avila Energy builds. Avila Energy is pleased to announce that the envisaged plan is gradually evolving.

CURRENT FINANCIAL SITUATION:

The Company’s financial position is as follows:

Working capital

$

1,902,424

Total assets

$

59,823,671

Lines of credit drawn

None

Long-term debt and accrued liabilities

$

12,657,064

Downgrading provisions

$

14,160,967

Total equity

$

32,572,562

The current rate of revenue growth is expected to continue (upstream) over the next 24 months as we progress the development of, first, our Proved Developed Non-Producing Assets (PDNP), alongside the development of our Proved Reserves (TP ) in Alberta and British Columbia in 2023.

LONG TERM BUSINESS PLAN:

Other additional additional income must be derived from the development of the Company’s activities Vertically integrated energy company (downstream) as announced on November 14, 2022, which are expected to start in 2024.

Avila Energy’s teams continue to focus on executing its long-term business plan.

“The successful execution of sustainable development of Avila’s vertically integrated business is part of its plan to become an important part of the sustainable energy transition with a workbench and growth business pipeline in placee. This is to provide shareholders with the assurance that Avila has established an established, diverse and socially responsible path and is well on its way to becoming a long-term producer of Carbon-neutral energy producer well beyond 2030. said Chairman and CEO Leonard B. Van Betuw.

“Efforts to date continue to progress (as planned) with the closing of the current acquisition and the continued consolidation of its business in accordance with the NI 51-101 compliant assessment performed by the company’s QRE, Deloitte LLP on August 18, 2022,” said Chairman and Chief Executive Officer Leonard B. Van Betuw.

CORPORATE UPDATE:

The Company is pleased to announce the appointment of Ms. Jennifer Ottosen as Chief Financial Officer (CFO) effective November 7, 2022 of Avila Energy Corporation.

“The Directors of the Company are delighted with the addition of Ms. Jennifer Ottosen, CPA, as Chief Financial Officer, in her new capacity after initially serving as Controller for the past 12 months. As Chief Financial Officer, she brings with her a wealth of experience, in equipment rental, engineering and construction.” said Leonard B. Van Betuw, President and CEO, “All important attributes that reflect the future of the business and will become important as the business and world evolves over the next 10 potentially over 25 years old.”

Ms. Jennifer Ottosen CPA

Ms. Ottosen as Controller (initially as a consultant for the company in 2020) brings to Avila more than 10 years of experience in financial reporting and analysis, cost and project accounting, performance management, variance analysis, internal controls, asset management, tax reporting, budgets and forecasts in the engineering, safety compliance and construction industries.

During her career, Ms. Ottosen has advised as a consultant and held various accounting positions, focusing on invoicing, project management and financial reporting, working for Enbridge Inc., Finning Canada, The Inspections Group Inc. , SEKO Construction, Ledcor Fabrication and Stantec Engineering.

The Company would like to thank Mr. Lars Glimhagen, the former Chief Financial Officer, for his efforts over the past ten years in various capacities. We are also pleased to confirm that Lars will retain his supporting role as the company continues to execute on its focused business plan. Lars is pleased to congratulate Jennifer on her recent appointment as Chief Financial Officer.

About Avila Energy Corporation

The company is an emerging, publicly traded company under the symbol (“VIK”) and, in combination with an expanding portfolio of wholly owned and operated oil and natural gas production, pipelines and facilities, is a Canadian Energy Approved Producer, Explorer and Developer. The Company, through the implementation of a closed carbon capture and sequestration system and an ongoing established pathway to the material reduction of Level 1, Level 2 and Level 3 shows continues to work to become a Vertically integrated carbon neutral energy producer. The Company continues to grow and achieve its results by focusing on the application of a combination of proven geological, geophysical, engineering and production techniques.

For more information, please contact:

Peter Nesveda, Vice President Corporate Affairs and Investor Relations, [email protected], or
Leonard B. Van Betuw, President and CEO – [email protected]

ON BEHALF OF COUNCIL

Leonard B. Van Betuw
President and CEO

THE SOURCE: Avila Energy Corporation

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